Oshkosh Corporation Reports Fourth Fiscal Quarter And Fiscal 2012 Results

Oshkosh Corporation (NYSE: OSK) today reported fiscal 2012 fourth quarter income from continuing operations of $77.6 million, or $0.85 per diluted share, compared to $40.3 million, or $0.44 per diluted share, in the fourth quarter of fiscal 2011. All results are for continuing operations attributable to Oshkosh Corporation, unless stated otherwise.

Results for the fourth quarter of fiscal 2012 included pre-tax restructuring related charges of $10.6 million, primarily associated with the Company’s plan to exit its Medtec ambulance business, charges of $3.4 million associated with the curtailment of pension and other postretirement benefit plans, costs incurred in connection with a proxy contest of $0.2 million and discrete tax benefits of $26.5 million. Results for the fourth quarter of fiscal 2011 included pre-tax restructuring related charges of $8.3 million, impairment charges of $2.0 million and discrete tax benefits of $1.4 million. Excluding these items ¹, fiscal 2012 fourth quarter adjusted income from continuing operations was $60.2 million, or $0.65 per diluted share, compared to $45.5 million, or $0.50 per diluted share, in the fourth quarter of fiscal 2011.

Consolidated net sales in the fourth quarter of fiscal 2012 were $2.06 billion, a decrease of 2.3 percent compared to the prior year fourth quarter. Double-digit increases in external sales in all non-defense segments were more than offset by lower sales in the defense segment.

Consolidated operating income in the fourth quarter of fiscal 2012 was $96.2 million, or 4.7 percent of sales, compared to $77.1 million, or 3.7 percent of sales, in the prior year fourth quarter. Adjusted consolidated operating income in the fourth quarter of fiscal 2012 was $110.4 million, or 5.4 percent of sales, compared to $87.4 million, or 4.1 percent of sales, in the prior year fourth quarter. All segments delivered improved operating income margins in the fourth quarter of fiscal 2012 compared to the prior year quarter.

“We’re pleased to report fiscal 2012 adjusted results of $2.27 per diluted share, which exceeded our most recent expectations of $2.05 - $2.15 per share. These results significantly exceeded our initial expectations for the year, which evidences the effectiveness of our MOVE strategy in driving results. The Company also generated $215 million of free cash flow in fiscal 2012 to strengthen its balance sheet. This performance reflects the actions and commitment of all our dedicated employees, management and Board to deliver value for all shareholders," said Charles L. Szews, Oshkosh Corporation chief executive officer.

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